Slide 1: Supplemental Financial Report Second Quarter 2023
DIGITAL SUPPLEMENTAL FINANCIAL REPORT SECOND QUARTER 2023 August 4, 2023
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and
Slide 3: Important Note Regarding Non-GAAP Financial Measures
Important Note Regarding Non-GAAP Financial Measures This financial supplemental package includes certain non-GAAP financial measures and operating metrics that are not defined by generally accepted accounting principles, or GAAP. Following our decision not to maintain qualification as a REIT for 20
Slide 4: Note Regarding DBRG Reportable Segments / Consolidated and OP Share of Consolidated Amounts
Note Regarding DBRG Reportable Segments / Consolidated and OP Share of Consolidated Amounts This presentation includes supplemental financial information for the following segments: Investment Management (IM) This business represents a leading global digital infrastructure investment platform, manag
Slide 5: Table of Contents
Table of Contents Page I. Financial Overview a. Summary Financial Metrics 6 b. Investment Management 7 II. Financial Results a. Balance Sheet Consolidated & Noncontrolling Interests’ Share 8-9 b. Consolidated Segment Operating Results 10 c. Noncontrolling Interests’ Share Segment Operating Results 1
Slide 6: Ia. Summary Financial Metrics
Ia. Summary Financial Metrics ($ and shares in thousands, except per share data and as 6/30/2023 - 3/31/2023 - 12/31/2022 - 9/30/2022 - 6/30/2022 - 3/31/2022 - 12/31/2021 - 9/30/2021 - noted) (Unaudited) 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Financial Data Total Company Net income (loss) attributa
Slide 7: Ib. Investment Management
Ib. Investment Management ($ in millions) 6/30/23 Annual IM Investment Management FEEUM Fee Rate 6/30/23 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 DigitalBridge Partners I (DBP I) 1.10% $ 3,311 $ 3,180 $ 3,165 $ 2,802 $ 3,048 $ 3,034 $ 3,215 $ 3,040 DigitalBridge Partners II (DBP II)
Slide 8: IIa. Financial Results - Balance Sheet
IIa. Financial Results - Balance Sheet ($ in thousands, except per share data) (unaudited) As of June 30, 2023 Noncontrolling Consolidated Interests' Share Assets Cash and cash equivalents $ 426,883 $ 94,444 Restricted cash 154,687 131,713 Investments 1,288,877 493,971 Real estate 6,178,467 5,460,46
Slide 9: IIa. Financial Results - Balance Sheet
IIa. Financial Results - Balance Sheet Supplemental Schedule to Consolidated Balance Sheets ($ in thousands) (unaudited) As of June 30, 2023 Investment Management Operating Corporate and Other Assets Cash and cash equivalents $ 68,548 $ 72,087 $ 286,248 Restricted cash 2,349 151,248 1,090 Investment
Slide 10: IIb. Financial Results - Consolidated Segment Operating Results
IIb. Financial Results - Consolidated Segment Operating Results Three Months Ended June 30, 2023 Investment Corporate and Discontinued ($ in thousands) (unaudited) Management Operating Other Operations Total Revenues Fee income $ 66,631 $ — $ (889) $ — $ 65,742 Carried interest allocation 79,254 — —
Slide 11: IIc. Noncontrolling Interests' Share Segment Operating Results
IIc. Financial Results - Noncontrolling Interests’ Share Segment Operating Results Three Months Ended June 30, 2023 Investment Corporate and Discontinued ($ in thousands) (unaudited) Management Operating Other Operations Total Revenues Fee income $ 33 $ — $ — $ — $ 33 Carried interest allocation 35,
Slide 12: IId. Segment Reconciliation of Net Income to DE and Adjusted EBITDA
IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA Amounts OP pro rata share by segment attributable to DBRG Corporate Discontinued Total OP pro noncontrolling consolidated ($ in thousands; for the three months ended June 30, 2023; and unaudited) IM Operating and
Slide 13: IId. Segment Reconciliation of Net Income to DE and Adjusted EBITDA
IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA OP pro rata share by segment Corporate and Discontinued Total OP pro ($ in thousands; for the three months ended June 30, 2023; and unaudited) IM Operating Other Operations rata share After-tax DE $ 24,429 $ 5,16
Slide 14: IIIa. Capitalization - Debt Summary
IIIa. Capitalization - Debt Summary ($ in thousands; as of June 30, 2023) Consolidated debt Payments due by period(1) 2023 2024 2025 2026 2027 and after Total Investment-level debt: Operating - Fixed $ 1,990 $ 600,753 $ 700,000 $ 1,519,690 $ 1,806,000 $ 4,628,433 Operating - Variable — 262,500 8,476
Slide 15: IIIb. Capitalization - DBRG Series 2021-1
IIIb. Capitalization - DBRG Series 2021-1 ($ in thousands, as of June 30, 2023) Class A-2 Term Notes Amount outstanding $ 300,000 Interest rate 3.933 % Anticipated Repayment Date (ARD) September 25, 2026 Kroll Rating BBB Class A-1 Variable Funding Notes Maximum Available $ 300,000 (1) Amount outstan
Slide 16: IIIc. Convertible/Exchangeable Notes & Perpetual Preferred Stock
IIIc. Capitalization - Convertible/Exchangeable Notes & Perpetual Preferred Stock ($ in thousands; except per share data; as of June 30, 2023) Convertible/exchangeable debt Conversion price (per share Outstanding of common Conversion Conversion Description principal Final due date(1) Interest rate s
Slide 17: IV. Operating
IV. Operating ($ in millions) Portfolio Net Carrying Value 6/30/23 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 Consolidated amount Asset(1) $ 9,246 $ 8,920 $ 8,704 $ 8,515 $ 8,429 $ 8,397 $ 7,624 $ 7,211 Debt(2) (5,123) (4,870) (4,634) (4,506) (4,477) (4,479) (4,217) (3,817) Net Carryi
Slide 18: IV. Operating
IV. Operating Operating Capital Expenditures Consolidated amount 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Non-revenue enhancing capital expenditures $ 8,284 $ 8,564 $ 14,775 $ 10,992 $ 13,377 $ 7,418 $ 6,410 $ 7,387 Revenue enhancing capital expenditures 163,767 129,710 135,506 147,046 101,100 84,668
Slide 19: V. Other
V. Other ($ in thousands) Consolidated amount 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 GP Co-investment in DBP I and II Investments $ 374,139 $ 345,719 $ 343,137 $ 277,450 $ 284,282 $ 248,663 $ 242,856 $ 230,972 GP Co-investment in GIF Investment 135,857 142,280 — — — — — — Equity interests in digita
Slide 20: VI. Cash G&A Expense
VI. Cash G&A Expense ($ in thousands) 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Investment Management Cash G&A Cash and equity-based compensation $ 45,798 $ 28,182 $ 30,829 $ 22,566 $ 23,230 $ 24,808 $ 20,802 $ 21,606 Administrative expenses 7,953 6,407 7,958 4,517 4,869 4,171 4,387 5,820 Compensation
Slide 21: Appendices
Appendices DigitalBridge | Supplemental Financial Report 21
Slide 22: Reconciliations of IM FRE and Operating Adjusted EBITDA to Net Income (Loss)
Reconciliations of IM FRE and Operating Adjusted EBITDA to Net Income (Loss) ($ in thousands) 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 IM net income (loss) 35,177 (2,804) 81,167 46,065 67,995 (9,143) 28,194 39,272 Adjustments: Interest expense (income) 2,268 2,411 2,200 2,906 2,771 2,500 2,499 2,250
Slide 23: Reconciliations of DE and Adjusted EBITDA to Net Income (Loss)
Reconciliations of DE and Adjusted EBITDA to Net Income (Loss) ($ in thousands) 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Net income (loss) attributable to common stockholders $ (22,411) $ (212,473) $ (19,356) $ (63,273) $ (37,321) $ (262,316) $ (20,686) $ 41,036 Net income (loss) attributable to nonc
Slide 24: Reconciliations of DE and Adjusted EBITDA to Net Income (Loss)
Reconciliations of DE and Adjusted EBITDA to Net Income (Loss) ($ in thousands) 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 After-tax DE $ 10,012 $ (3,365) $ (18,393) $ 32,335 $ 603 $ (5,064) $ (11,636) $ (4,886) Interest expense included in DE 10,130 12,549 13,756 16,348 14,142 13,280 13,775 14,160 Inc
Slide 25: Definitions
Definitions Assets Under Management (“AUM”) Assets owned by the Company’s balance sheet and assets for which the Company and its affiliates provide investment management services, including assets for which the Company may or may not charge management fees and/or performance allocations. Balance she